Reluctant buyer wants to rent instead

Expert, localized Los Angeles answers provided by Heather Roy

Reluctant Buyer
	We are selling our house through an agent with a reputable company. She found a buyer, we signed a contract, there is a $500 deposit, and we've met all contingencies (and have receipts to prove it). The contract calls for closing within 45 days. We moved out in anticipation but the buyer stalled and finally said his interest rate was too high on proposed mortgage. We waited a week past the contract closing of 45 days. Today our realtor says he wants to lease until he can find a better rate. Could be years, I figure. I don't think it's a good idea. What are our options other than keeping the $500 and starting over? This has cost money and our house hasn't been shown in the nearly 2 months since the offer was accepted. Does our realtor have any leverage or any responsibility to us? Thanks.

	It's time to talk with a lawyer, one who specializes in real estate. My instinct is the same as yours -- you don't want to tie your house up with a tenant who has already demonstrated a pretty relaxed attitude toward contracts. Your own attorney can tell you what your options are at this point. Let me know what happens; I'm interested.
	Edith Originally published on May 8, 2007

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Reluctant Buyer